Industry News by Nemesis

Dubai's Nemesis International to Cut 813ct. Constellation Diamond

October 23, 2017

Nemesis International, UAE’s first diamond polishing facility that was opened recently during the Dubai Diamond Conference (DDC) 2017, has been tasked with cutting and polishing the world’s most valuable rough diamond.

Among the first of those will be the 813-carat Constellation diamond, which Nemesis bought in partnership with Swiss jeweler de Grisogono in 2016 for $63.1 million. At $77,613 per carat, the stone ranks as the most expensive rough diamond ever sold.

It is estimated that cutting and polishing of the stone will take 10 to 12 months.

The Dubai Multi Commodities Centre (DMCC) wants to bring diamonds to the United Arab Emirates and with this factory the Dubai Diamond Exchange (DDE) is now a full-service one-stop shop, Hendrickx noted. Nemesis International will complement the range of services that Dubai's diamond trade can offer, which include customs, insurance, banking, a Kimberley Process office, and international tenders of a wide range of rough diamonds among others.

“The opening of the Almas cutting facility demonstrates the vertical integration of mine to market in Dubai,” said Konema Mwenenge, CEO of Nemesis. “It will facilitate growth of Dubai’s diamond industry with a turnover of high-volume rough to high-value polished.”